Volvo’s N. American Sales Decline
Volvo AB said its fourth-quarter net income rose, led mostly by increased business in Eastern Europe that offset a slump in North American sales, Bloomberg reported Wednesday.
Net income rose 9.8% to about $630 million, from about $575 million a year a year earlier.
Revenue rose 25% to about $13 billion, Bloomberg said, citing a statement by Volvo, which reports its earnings in Swedish krona.
Volvo AB is the Sweden-based parent of Volvo Trucks North America and Mack Trucks.
The truck division, Volvo’s largest unit, posted a 16% gain in fourth-quarter operating profit to $642 million, while revenue rose 27% to $8.8 billion.
North American truck revenue fell 34%, to $1.2 billion.
Chief Executive Officer Leif Johansson said North American demand remains low, and truck deliveries in the region dropped 53% last year, Bloomberg said.
